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Aditya Infotech Limited
NSE: CPPLUSIndustrialsBuilding Products & Equipment
- Last close
- ₹3,798.00
- Day change
- −₹106.60 (−2.73%)vs
- Market cap
- ₹54,450 crIndian rupees
- Research updated
- 1 report
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About Aditya Infotech
Aditya Infotech Limited is a security and surveillance technology company focused on video security products, solutions, and services under the CP Plus brand. It develops and supplies intelligent video surveillance systems, including analog HD and network cameras, digital video recorders, home security devices, access control, and related accessories for government, commercial, residential, and industrial applications across India. The company supports nationwide deployment through an extensive channel ecosystem of distributors and system integrators, complemented by local R&D in Noida and manufacturing partnerships and facilities aimed at indigenous production. Its portfolio and integration capabilities position the firm as a key provider of end-to-end security infrastructure, spanning sectors such as banking, healthcare, education, law enforcement, hospitality, smart traffic, industrial, and retail. Independent assessments describe Aditya Infotech as one of India’s largest providers in video security by revenue, reflecting its scale and market presence. The business is led by a professional management team and continues to expand capacity and product depth to meet growing demand for electronic video surveillance solutions in India.
- Sector
- Industrials
- Industry
- Building Products & Equipment
- Listing
- NSE: CPPLUS
- Employees
- 1,402
- Headquarters
- Noida, India
- ISIN
- INE819V01029
- Website
- adityagroup.com
Public research · Report of
Business model & financial foundation
Aditya Infotech (CP PLUS) (NSE: CPPLUS), Electronic security and video-surveillance products (brand owner, distributor and electronics manufacturer): revenue of ₹4,221 crore in FY26 (+35.6% on FY25), an EBITDA margin of 13.4%, net profit of ₹368.0 crore and net debt of ₹91.1 crore.
- Revenue, FY26 (₹ crore)
- 4,221
- consolidated
- Revenue growth, FY26
- +35.6%
- on FY25
- EBITDA margin, FY26
- 13.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 368.0
- to owners
- Return on equity, FY26
- 25.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 91.1
- Net debt including leases and supplier credit
- Market capitalisation (₹ crore)
- 41,969
- at the close of 14 Oct 2026
Company profile
Aditya Infotech owns CP PLUS, India's largest video-surveillance brand (43.3% value share in FY26 per Frost & Sullivan, as cited in the FY26 annual report), and sells CCTV cameras, recorders and accessories through 800+ distributors and 30,000+ channel partners. Products are made largely at its Kadapa plant (2.5 mn units a month capacity) under India's STQC certification regime, which since April 2025 has pushed uncertified Chinese brands out of the channel. It also distributes Dahua products, a shrinking share of revenue.
| Item | Value |
|---|---|
| Legal name | Aditya Infotech Limited |
| Exchange and ticker | NSE: CPPLUS; BSE: 544466 |
| ISIN | INE819V01029 |
| CIN | L74899DL1995PLC066784 |
| Sector | Industrials |
| Industry | Electronic security and video-surveillance products (brand owner, distributor and electronics manufacturer) |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹41,969 crore (14 Oct 2026) |
| Shares outstanding | 11.78 crore shares (FY26) |
| Price | ₹4,377 (close, 14 Oct 2026) |
| 52-week range | ₹1,304 - ₹4,444 (to 14 Oct 2026) |
| Website | https://www.adityagroup.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| AIL Dixon Technologies Private Limited | 100% | Manufactures and assembles CCTV cameras, DVR/NVRs and accessories at Kadapa, Andhra Pradesh; 50:50 JV with Dixon until 17 Sep 2024 |
| Shenzhen CP Plus International Limited | 100% | Procurement support and quality assurance for components and finished goods sourced in China |
| Aditya Infotech Taiwan Co. Ltd | 100% | Research and development in surveillance technology; incorporated 2 Feb 2026 |
| Corelink Cable Technology Private Limited | 50% | 50:50 joint venture with Orient Cables (India) for LAN/CCTV cables; incorporated 10 Jun 2026, after FY26 |
No associates. AIL Dixon consolidated line by line from 18 Sep 2024 (FY25 carries a 248.6 cr fair-value gain on the previously held 50%).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 76.91% | 74.74% | 74.71% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 4.36% | 5.72% | 6.35% | |
| Domestic institutions | 10.20% | 14.75% | 13.61% | |
| of which mutual funds | 9.37% | 13.08% | 11.73% | |
| Retail | 1.83% | 1.80% | 2.47% | |
| Other | 6.70% | 2.99% | 2.87% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Aditya Infotech owns CP PLUS, India's largest video-surveillance brand. It sells CCTV cameras, recorders and accessories through 800+ distributors, 30,000+ channel partners and 1,800+ system integrators in 500+ cities. Manufacturing sits in the wholly owned AIL Dixon Technologies at Kadapa, a 50:50 JV with Dixon until 18 Sep 2024. Capacity is 2.5mn units a month, FY26 output was 24mn units, and about 40% of components are sourced locally. CP PLUS was 87% of Q1FY27 revenue and IP products 79% of the CP PLUS portfolio. The rest is mainly Dahua distribution, now shrinking. Exports are negligible (0.2% of standalone revenue). The company controls brand, channel and assembly. It does not control the component basket: memory chips, SoCs and lenses, still largely imported, are its main cost.
| Peer | Why the dossier compares them |
|---|---|
| Dixon Technologies (DIXON) | |
| Kaynes Technology (KAYNES) | |
| Syrma SGS Technology (SYRMA) | EMS for consumer/industrial electronics; similar scale of revenue and growth |
| Avalon Technologies (AVALON) | EMS with box-build and cable assemblies; mid-cap electronics comparator |
| PG Electroplast (PGEL) | Consumer-electronics manufacturing riding import substitution |
| Zen Technologies (ZENTEC) | Security/defence electronics with government-led demand |
| Redington (REDINGTON) | IT and electronics distributor; mirrors Aditya's distribution heritage (Dahua distribution) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,646 | 2,284 | 2,782 | 3,112 | 4,221 |
| Cost of revenue (vendor classification) * | 1,355 | 1,899 | 2,272 | 2,442 | 3,007 |
| Other operating costs (vendor classification) * | 60.9 | 112.1 | 147.8 | 213.3 | 292.2 |
| EBITDA (vendor classification) * | 158.3 | 180.4 | 206.3 | 258.0 | 581.5 |
| EBIT * | 148.3 | 164.0 | 194.6 | 474.7 | 521.5 |
| Finance costs | 19.0 | 20.8 | 30.9 | 41.8 | 30.2 |
| Profit before tax after exceptional items | 129.4 | 143.2 | 164.6 | 434.1 | 492.7 |
| Total tax expense | 32.4 | 34.9 | 49.4 | 82.7 | 124.8 |
| Profit for the year | 96.9 | 108.3 | 115.2 | 351.4 | 368.0 |
| Diluted EPS (₹) | 8.27 | 9.24 | 11.24 | 33.02 | 32.05 |
| Other income | 13.5 | 11.1 | 12.8 | ||
| Materials, traded goods purchases and inventory changes | 2,272 | 2,442 | 3,007 | ||
| Employee benefits expense | 133.9 | 203.3 | 342.9 | ||
| Other expenses | 153.7 | 218.8 | 304.9 | ||
| Operating EBITDA excluding other income | 222.9 | 247.3 | 566.1 | ||
| Depreciation and amortisation expense | 15.7 | 31.1 | 56.0 | ||
| Exceptional items: gains positive, losses negative | -25.2 | 248.6 | 0.00 | ||
| Share of profit/(loss) of joint venture outside exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of the holding company | 115.2 | 351.4 | 368.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 287.0 | 311.6 | 424.2 | 1,018 | 1,877 |
| Current and non-current borrowings excluding leases and suppliers credit | 197.4 | 426.9 | 405.5 | 412.8 | 112.9 |
| Cash and cash equivalents | 104.7 | 147.7 | 39.5 | 135.9 | 165.3 |
| Trade receivables | 524.9 | 615.0 | 734.3 | 1,039 | 1,404 |
| Inventories | 302.7 | 511.1 | 509.2 | 870.5 | 1,104 |
| Trade payables excluding separately reported suppliers credit | 665.0 | 909.0 | 600.2 | 1,343 | 1,601 |
| Net property, plant and equipment * | 0.00 | 0.51 | 0.51 | 8.40 | 17.9 |
| Capital work in progress * | 0.00 | 4.35 | 0.24 | 19.4 | 80.8 |
| Total assets * | 1,214 | 1,709 | 1,644 | 3,175 | 3,991 |
| Other bank balances; unrestricted component not yet isolated | 31.2 | 45.9 | 34.3 | ||
| Suppliers credit separately reported | 0.00 | 52.1 | 76.1 | ||
| Current and non-current lease liabilities | 30.8 | 44.5 | 67.3 | ||
| Net debt including leases and supplier credit | 396.8 | 373.4 | 91.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from/(used in) operating activities | -270.1 | -148.9 | -180.4 | 27.2 | 13.5 |
| Free cash flow (vendor definition) * | 36.8 | 48.7 | -199.3 | 0.72 | -122.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1.00 | -3.85 | -1.00 | -18.0 | -18.0 |
| Cash additions to PPE, CWIP and intangible assets | -6.70 | -7.04 | -18.9 | -26.5 | -136.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares outstanding at period end | 11.72 | 11.72 | 0.21 | 10.98 | 11.78 |
| Implied weighted-average diluted shares | 10.25 | 10.64 | 11.48 | ||
| Cogs ratio (fraction) | 0.82 | 0.78 | 0.71 | ||
| Employee cost ratio (fraction) | 0.05 | 0.07 | 0.08 | ||
| Other expenses ratio (fraction) | 0.06 | 0.07 | 0.07 | ||
| Capex ratio (fraction) | -0.01 | -0.01 | -0.03 | ||
| Other income ratio (fraction) | 0.00 | 0.00 | 0.00 | ||
| Depreciation ratio (fraction) | 0.01 | 0.01 | 0.01 | ||
| Tax rate (fraction) | 0.30 | 0.19 | 0.25 | ||
| Payout ratio (fraction) | 0.01 | 0.05 | 0.05 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 668.9 | 829.5 | 977.4 | 740.0 | 919.6 | 1,139 | 1,422 | 1,402 |
| Cost of revenue (vendor classification) * | 532.7 | 623.1 | 758.1 | 645.7 | 819.0 | 970.2 | 970.5 | |
| Other operating costs (vendor classification) * | 52.3 | 77.7 | 57.3 | 82.5 | 83.1 | 95.3 | 117.4 | |
| EBITDA (vendor classification) * | 43.1 | 72.8 | 98.5 | 111.1 | 144.6 | 258.3 | 207.8 | |
| EBIT * | 286.2 | 63.6 | 86.5 | 100.5 | 132.3 | 235.6 | 194.9 | |
| Finance costs | 9.70 | 10.6 | 12.4 | 10.5 | 6.92 | 5.08 | 7.69 | 4.31 |
| Profit before tax after exceptional items | 276.5 | 53.0 | 74.1 | 44.1 | 93.5 | 127.2 | 227.9 | 190.6 |
| Total tax expense | 42.8 | 12.8 | 19.1 | 11.2 | 23.6 | 31.3 | 58.8 | 48.4 |
| Profit for the period | 233.7 | 40.2 | 55.0 | 32.9 | 70.0 | 96.0 | 169.1 | 142.2 |
| Diluted EPS (₹) | 22.68 | 3.66 | 5.00 | 2.99 | 6.24 | 8.18 | 14.37 | 12.07 |
| Other income excluding exceptional gain | 3.72 | 3.60 | 0.42 | 4.01 | 2.56 | 4.69 | 1.59 | 4.11 |
| Materials, traded goods purchases and inventory changes | 532.7 | 623.1 | 758.1 | 572.1 | 645.6 | 819.0 | 970.2 | 970.5 |
| Employee benefits expense | 44.6 | 59.5 | 63.9 | 63.0 | 82.9 | 97.1 | 99.8 | 110.9 |
| Other expenses | 52.3 | 77.7 | 57.3 | 44.0 | 82.5 | 83.1 | 95.2 | 117.4 |
| Operating EBITDA excluding other income | 39.4 | 69.2 | 98.0 | 60.9 | 108.5 | 139.9 | 256.7 | 203.7 |
| Depreciation and amortisation expense | 5.51 | 9.19 | 12.0 | 10.4 | 10.6 | 12.3 | 22.7 | 12.9 |
| Exceptional items: gains positive, losses negative | 248.6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of joint venture outside exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the holding company | 233.7 | 40.2 | 55.0 | 32.9 | 70.0 | 96.0 | 169.1 | 142.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 38.8% | 21.8% | 11.8% | 35.6% | |
| EBITDA margin | 8.0% | 7.9% | 13.4% | ||
| Net margin | 4.1% | 11.3% | 8.7% | ||
| Return on equity | 31.3% | 48.7% | 25.4% | ||
| Return on capital employed | 30.6% | 26.8% | 24.8% | 42.0% | 30.5% |
| Return on assets | 6.9% | 14.6% | 10.3% | ||
| Net debt (₹ crore) | 396.8 | 373.4 | 91.1 | ||
| Net debt / EBITDA | 1.78x | 1.51x | 0.16x | ||
| Interest cover | 7.81x | 7.88x | 6.29x | 11.4x | 17.3x |
| Asset turnover | 1.35x | 1.56x | 1.66x | 1.29x | 1.18x |
| Receivable days | 116 | 98 | 96 | 122 | 121 |
| Inventory days (on revenue) | 67 | 82 | 67 | 102 | 95 |
| Payable days (on revenue) | 148 | 145 | 79 | 157 | 138 |
| Cash conversion | -1.57x | 0.08x | 0.04x | ||
| Capex intensity | 0.4% | 0.3% | 0.7% | 0.9% | 3.2% |
| Free cash flow (₹ crore) | -276.8 | -155.9 | -199.3 | 0.72 | -122.9 |
| Dividend payout | 0.9% | 5.1% | 4.9% | ||
| EPS, diluted (₹) | 8.27 | 9.24 | 11.24 | 33.02 | 32.05 |
| Book value per share (₹) | 24.48 | 26.58 | 2,069 | 92.68 | 159.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and supplier credit; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Aditya Infotech
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